Today’s Mortgage Rates: Refinance Deals Retain Huge Strength at Bank of America
Despite the fact that the current time period had been predicted as almost certain to bring about the end of incredibly low mortgage rates as we have come to know them, Bank of America (NYSE:BAC) and many others are today offering a range of refinance packages which seem intent on reaching out for new record lows. Whether or not this occurs remains to be seen of course, but one certainty is that those choosing to lock in a refinance deal today stand to save a small fortune on their current terms like never before.
With Bank of America this Wednesday morning, the standard 30 year fixed rate loan is being offered for 4.250% and APR amounting to 4.459%, while the shorter 15 year fixed rate refinance package on the other hand is now at 3.625% and APR of 4.026%.
Those looking for adjustable rate refinance deals are of course very well catered for, with the 7/1 ARM being offered at a starting rate of 3.125% and APR of 3.400% variable, while the 5/1 ARM on the other hand can be taken out for 3.000% to begin and an APR of 3.360% variable.
When compare to many of the 6%+ mortgages currently being paid across the US the above rates add up to some serious value for money, once again prolonging the period in which borrowers may indeed be able to cut their outgoings massively and still enjoy the benefits of a high quality loan agreement.
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